1. Field of the Invention
The present invention relates to a method and system for managing applications data submission, policy quotation, and policy issuance for insurance applications.
More specifically, the present invention relates to a method and system providing a real-time, entry, collection and processing of insurance application data. The processing of the data includes the generation of a policy quote together with the means for issuing a subsequent policy. The data management is furthered through the creation of a living folder which can accept or donate data from/to each of the routines, rating engines and report generators under control of the system.
2. Description of the Related Art
The related art involves a plurality of related processes and systems for selected aspects of the insurance business. Selected examples of such related processes and systems fail to include the novel aspects discussed herein, but are supplied below and incorporated fully herein to aid the reader in grasping the overall concepts discussed.
In a first example, US Pub. No. 2001/0049611 to Peach (hereinafter referred to as “Peach”), the contents of which are fully incorporated herein by reference, provides a system and method for electronically acquiring and distributing insurance policy data to broker offices. As noted in Peach, while selected client data is entered into insurance industry standardized forms, such as those provided by the Association for Cooperative Operations Research (ACORD), such data entry is well known as responding to data inquiry requests, and fails to disclose the unique data-stamp validation and tracking elements discussed herein.
In an additional example of a related art reference, US Pub. No. 2002/0138310 to Sagalow (hereinafter referred to as “Sagalow”), the contents of which are fully incorporated herein by reference, the inventor provides a process for online sale of internet insurance products in a very brief three-page discussion, but fails to focus on the present invention and instead is customer-focused, allowing a customer to select an insurance desired and to apply for the same. Unfortunately, Sagalow fails to recognize the needs within the insurance management and intermediate underwriting, binding, and tracking management areas.
In an additional example, US Pub. No. 2004/0078243 to Fisher (hereinafter referred to as “Fisher”), the contents of which are fully incorporated herein by reference, the inventor discusses an automatic insurance processing method wherein an end-insured completes an insurance request form and emails the same for later review and underwriting and return after underwriting. Unfortunately, Fisher fails to address the industry specific needs noted below for an efficient and effective management of a secure underwriting insurance system.
In another additional example, as noted in US Pub. No. 2002/0120476 to Labelle et al. (hereinafter referred to as “Labelle”), the contents of which are fully incorporated herein by reference, the inventors discuss a system and method of dispensing insurance through a computer network. While Labelle does provide electronic distribution of insurance products, it fails in completing the essential security and management aspects provided herein.
In a further related example, as noted in US Pub. No. 2002/0194033 to Huff, the contents of which are fully incorporated herein by reference, the inventor discusses an automatic insurance data extraction and quote generating system, and methods therefore.
In a final related example, provided by “Insurance Noodle”, and noted at http://www.insurancenoodle.com/Products/licensing/index.asp, the contents of which are fully incorporated herein by reference, the inventors provide various data entry, and risk appetite programs for license and also discuss the cross-incorporation of insurance billing and insurance services.
What is not appreciated by the related art, is the need for an insurance management system providing the improvements enabled by the present disclosure.
Accordingly, based upon the limited related art and its inability to provide a comprehensive electronic insurance application receipt, tracking, underwriting, binding, and issuing system, there is a need for an improved method and system for insurance applications, underwriting, and management thereof, having at least one of the following benefits:
(a) a stream-lined system minimizing human administration costs throughout the insurance request, broker, underwriting, binding, and issuance process;
(b) minimize the loss of “unusual” applications and those applications otherwise lost or trapped within an application tracking system or requiring additional information or input;
(c) to minimize the generation of duplicate of ghost applications or preliminary quotations and underwritings within an overall insurance issuance and managing system; and
(d) allow the generation, tracking, and management of “electronic notes” on each underwriting and application page that are created detailing the date and time each task was completed, who performed the task and what was performed, as well as any additional follow-up matters.
Additionally, there is the need for the provision of a living folder for the acceptance and donation of data relative to one or more applicants and/or insureds and the applications and/or policies related to them.